BWXT - BWX Technologies Concludes 2018 with Record Fourth Quarter Results; Positioned for Continued Growth in 2019

February, 25 2019 04:30 PM BWX Technologies Inc.

4Q18 GAAP EPS of $0.22; non-GAAP EPS of $0.74; revenue up 11% vs. 4Q17
2018 GAAP EPS of $2.27; non-GAAP EPS of $2.39; revenue up 7% vs. 2017
Returned $279 million of cash to shareholders in 2018
Announces 6% quarterly dividend increase to $0.17 per share
Issues 2019 guidance: non-GAAP EPS of ~$2.50; revenue growth of ~6%
Reiterates 3-5 year, low-double-digit non-GAAP EPS CAGR from 2017 results

BWX Technologies, Inc. (NYSE: BWXT) (“BWXT,” “we,” “us” or the “Company”) reported record fourth quarter 2018 revenue of $478 million, an 11% increase compared with $430 million in the fourth quarter of 2017. GAAP net income for the fourth quarter 2018 was $21.9 million, or $0.22 per diluted share, compared with a net loss of $15.7 million, or a loss of $0.16 per share, in the prior-year quarter. Non-GAAP net income for the fourth quarter 2018 was $73.0 million, or $0.74 per diluted share, compared with $47.5 million, or $0.47 per diluted share, in the prior-year quarter. A reconciliation of non-GAAP results is detailed in Exhibit 1.

Full year 2018 revenue was $1.8 billion, a 6.6% increase compared to $1.7 billion in 2017. GAAP net income for the full year 2018 was $227.0 million, or $2.27 per diluted share, which includes a $0.25 unfavorable impact of non-cash, mark-to-market loss for pension and other post-retirement benefits, compared with $147.8 million, or $1.47 per diluted share, in 2017. Non-GAAP net income for the full year 2018 was $238.8 million, or $2.39 per diluted share, up 17% compared with $205.6 million, or $2.05 per diluted share, in the prior year.

“We had an impressive finish to 2018 with record fourth quarter financial results,” said Rex D. Geveden, president and chief executive officer. “Despite some operational challenges and pension and interest headwinds especially in the second half, 2018 was yet another stride forward in our aggressive growth plans. We enter 2019 well positioned for continued revenue and earnings growth as we progress toward the achievement of our long-term guidance.”

“Strategic focus areas for 2019 are to ramp up production of the Columbia-class submarine, complete the pricing agreement for a second Ford-Class carrier, industrialize our radioisotope technology, and capitalize future organic growth opportunities.”

Fourth Quarter and Full Year 2018 Segment Results
Nuclear Operations Group (NOG) segment revenue was $351 million for the fourth quarter of 2018, a 13% increase from the prior-year period, driven primarily by accelerated revenue through favorable EAC changes that included increased future volume assumptions that benefited backlog contracts and higher naval nuclear fuel and downblending services. Full-year segment revenue was $1.3 billion, a 3.7% increase compared with 2017 as a result of increases in volume from naval nuclear components as well as nuclear fuel and downblending operations.

NOG operating income was $91.1 million in the fourth quarter of 2018, a 41% increase compared with the prior-year period primarily driven by lower costs and favorable EAC changes that included increased future volume assumptions that benefited backlog contracts. Full-year segment operating income was $271 million, inclusive of a $29.2 million reserve for missile tube rework, a 1.3% increase compared with the prior year driven by higher volume and reduced costs. Fourth quarter and full year 2018 segment operating margins were 26.0% and 20.6%, respectively.

Nuclear Power Group (NPG) segment revenue was $98.2 million for the fourth quarter of 2018, a 15.6% increase from the prior-year period due to increases in field services, fuel handling and manufacturing, and the medical radioisotope acquisition. Full-year segment revenue was $366 million, a 28% increase compared with the prior year primarily from an increase in field services, fuel manufacturing, China steam generator production and the medical radioisotope acquisition.

NPG operating income was $13.6 million in the fourth quarter of 2018, a 44% increase from the prior-year period driven primarily from higher volume and the medical radioisotope acquisition. Full-year segment operating income was $52.3 million, a 43% increase compared with the prior year driven by higher volume and the medical radioisotope acquisition. Fourth quarter and full-year 2018 segment operating margins were 13.9% and 14.3%, respectively.

Nuclear Services Group (NSG) segment operating income was $9.2 million for the fourth quarter of 2018 compared with $5.5 million for the fourth quarter of 2017 primarily as a result of an improvement in operational performance and lower costs. Full-year segment operating income was down $1.7 million to $20.4 million primarily driven by a $7.9 million favorable legal settlement in 2017.

Liquidity and Debt
The Company generated $177.7 million of net cash from operating activities in the fourth quarter of 2018 compared with $77.1 million in the prior-year period. At the end of the fourth quarter 2018, the Company’s cash and short-term investments position, net of restricted cash, was $33.5 million.

As of December 31, 2018, the Company had gross debt of $777.4 million and $63.5 million in letters of credit issued under the Company’s revolving credit facility. Gross debt included $400.0 million in senior notes, $277.4 million in term loans and $100.0 million in borrowings under the Company’s revolving credit facility. As a result, the Company had $336.5 million in remaining availability under its revolving credit facility.

Capital Deployment
The Company returned $168 million to shareholders during the fourth quarter 2018, including $152 million in share repurchases and $16 million in dividends. For the fiscal year 2018, the Company returned $279 million of cash to shareholders, including $215 million in share repurchases and $64 million in dividends. As of December 31, 2018, the total remaining share repurchase authorization stands at $185 million.

On February 22, 2019, our Board of Directors declared a quarterly cash dividend of $0.17 per common share. The dividend will be payable on March 28, 2019, to shareholders of record on March 11, 2019.

2019 Guidance

Non-GAAP EPS of ~$2.50 (excluding mark-to-market for pension and post-retirement benefits)
Consolidated revenue growth of ~6%
- NOG revenue growth of ~6%
- NPG revenue ~flat

Operating income and margin
- NOG operating margin in the “high teens” with upside potential from CAS pension reimbursement
- NPG operating margin of ~13%
- NSG operating income of ~$25 million
- Other segment operating expense primarily R&D of ~1% of revenue

Unallocated corporate expenses of ~$20 million
Other income primarily related to pension and other post-employment benefits of ~$22 million
Non-GAAP effective tax rate in a range of 23% to 24%
Capital expenditures of ~$225 million

Long-term Guidance
BWXT reiterated long-term guidance that excluding the benefit of tax reform, the Company anticipates a non-GAAP EPS compound annual growth rate (CAGR) in the low-double digits over a three to five year period from 2017 based on a robust organic growth strategy and balance sheet capacity.

The Company does not provide GAAP guidance because it is unable to reliably forecast most of the items that are excluded from GAAP to calculate non-GAAP results. These items could cause GAAP results to differ materially from non-GAAP results. See reconciliation of non-GAAP results in Exhibit 1 for additional information.

Conference Call to Discuss Fourth Quarter and Full Year 2018 Results

Date:

Tuesday, February 26, 2019, at 8:30 a.m. EDT

Live Webcast:

Investor Relations section of website at www.bwxt.com

Forward-Looking Statements
BWXT cautions that this release contains forward-looking statements, including, without limitation, statements relating to backlog, to the extent they may be viewed as an indicator of future revenues; completion of our multi-year pricing agreement; the integration and anticipated benefits of our acquisition of Nordion’s medical isotope business; timing of future revenues from the acquisition of Nordion’s medical isotope business and new medical radioisotope business; the timing and impact of the missile tube welding issue; our plans and expectations for the NOG, NPG and NSG segments; and our 2019 guidance and long-term guidance. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, our ability to execute contracts in backlog; the lack of, or adverse changes in, Federal appropriations to government programs in which we participate; the demand for and competitiveness of nuclear power; capital priorities of power generating utilities; adverse changes in the industries in which we operate and delays, changes or termination of contracts in backlog. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, see BWXT’s filings with the Securities and Exchange Commission, including our annual report on Form 10-K for the year ended December 31, 2018 and subsequent quarterly reports on Form 10-Q. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT
Headquartered in Lynchburg, Va., BWX Technologies, Inc. (NYSE:BWXT) is a leading supplier of nuclear components and fuel to the U.S. government; provides technical and management services to support the U.S. government in the operation of complex facilities and environmental remediation activities; and supplies precision manufactured components, services and fuel for the commercial nuclear power industry. With approximately 6,250 employees, BWXT has 11 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and two NASA facilities. Follow us on Twitter @BWXTech and learn more at www.bwxt.com.

EXHIBIT 1


BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE^(1)(2)(3) (In millions, except per share amounts)

Three Months Ended December 31, 2018



















GAAP


Pension & OPEB MTM (Gain) / Loss





One Time Tax (Benefit) / Losses


Non-GAAP
















Operating Income


$
103.1



$
–



$
–



$
–



$
103.1

Other Income (Expense)



(71.8
)



67.8




–




–




(4.0
)
Provision for Income Taxes



(9.3
)



(15.7
)



–




(1.0
)



(25.9
)
Net Income



22.1




52.1




–




(1.0
)



73.2

Net Income Attributable to Noncontrolling Interest



(0.1
)



–




–




–




(0.1
)
Net Income Attributable to BWXT


$
21.9



$
52.1



$
–



$
(1.0
)



73.0

















Diluted Shares Outstanding



98.6













98.6

Diluted Earnings per Common Share


$
0.22



$
0.52



$
–



$
(0.01
)


$
0.74

















Effective Tax Rate



29.6
%












26.2
%
































Three Months Ended December 31, 2017



















GAAP


Pension & OPEB MTM (Gain) / Loss


Executive Restructuring


One Time Tax (Benefit) / Losses


Non-GAAP
















Operating Income


$
63.7



$
–



$
2.6



$
–



$
66.4

Other Income (Expense)



(7.4
)



11.1




–




–




3.6

Provision for Income Taxes



(71.9
)



(4.2
)



(1.0
)



54.6




(22.4
)
Net Income (Loss)



(15.5
)



6.9




1.7




54.6




47.7

Net Income Attributable to Noncontrolling Interest



(0.2
)



–




–




–




(0.2
)
Net Income (Loss) Attributable to BWXT


$
(15.7
)


$
6.9



$
1.7



$
54.6




47.5

















Diluted Shares Outstanding



99.4













100.4

Diluted Earnings per Common Share


$
(0.16
)


$
0.07



$
0.02



$
0.54



$
0.47

















Effective Tax Rate



127.6
%












31.9
%

⁽¹⁾

^{Tables may not foot due to rounding.}

⁽²⁾

^{BWXT is providing non-GAAP information regarding certain of
its historical results and guidance on future earnings per share
to supplement the results provided in accordance with GAAP and it
should not be considered superior to, or as a substitute for, the
comparable GAAP measures. BWXT believes the non-GAAP measures
provide meaningful insight and transparency into the Company’s
operational performance and provides these measures to investors
to help facilitate comparisons of operating results with prior
periods and to assist them in understanding BWXT’s ongoing
operations.}

⁽³⁾

^{BWXT has not included a reconciliation of provided non-GAAP
guidance to the comparable GAAP measures due to the difficulty of
estimating any mark-to-market adjustments for pension and
post-retirement benefits, which are determined at the end of the
year.}

EXHIBIT 1 (continued)


BWX TECHNOLOGIES, INC. RECONCILIATION OF NON-GAAP OPERATING INCOME AND EARNINGS PER SHARE^(1)(2)(3) (In millions, except per share amounts)

Twelve Months Ended December 31, 2018




























GAAP


Pension & OPEB MTM (Gain) / Loss


Acquisition Related Costs


Recognition of Debt Issuance Costs from Former Credit Facility


Gain on Forward Contracts


One Time Tax (Benefit) / Losses


Missile Tube Reserves


Non-GAAP

























Operating Income


$
305.0



$
–



$
2.5



$
–



$
–



$
–






$
307.5

Other Income (Expense)



(24.8
)



32.6




–




2.4




(4.7
)



–







5.5

Provision for Income Taxes



(52.8
)



(7.5
)



(0.6
)



(0.6
)



1.2




(13.5
)






(73.8
)
Net Income



227.3




25.1




1.9




1.8




(3.5
)



(13.5
)






239.1

Net Income Attributable to Noncontrolling Interest



(0.3
)



–




–




–




–




–







(0.3
)
Net Income Attributable to BWXT


$
227.0



$
25.1



$
1.9



$
1.8



$
(3.5
)


$
(13.5
)






238.8


























Diluted Shares Outstanding



100.0






















100.0

Diluted Earnings per Common Share


$
2.27



$
0.25



$
0.02



$
0.02



$
(0.03
)


$
(0.13
)





$
2.39


























Effective Tax Rate



18.9
%





















23.6
%

























NOG segment margins⁽⁴⁾



20.6
%

















1.9
%



22.5
%


Twelve Months Ended December 31, 2017




























GAAP


Pension & OPEB MTM (Gain) / Loss


Litigation


Executive Restructuring


Impairment (Gains) / Losses


One Time Tax (Benefit) / Losses





Non-GAAP

























Operating Income


$
292.2



$
–



$
(7.9
)


$
2.6



$
–



$
–






$
287.0

Other Income (Expense)



3.6




11.1




–




–




(0.4
)



–







14.2

Provision for Income Taxes



(147.4
)



(4.2
)



2.8




(1.0
)



0.0




54.6







(95.1
)
Net Income



148.4




6.9




(5.1
)



1.7




(0.4
)



54.6







206.1

Net Income Attributable to Noncontrolling Interest



(0.5
)



–




–




–




–




–







(0.5
)
Net Income Attributable to BWXT


$
147.8



$
6.9



$
(5.1
)


$
1.7



$
(0.4
)


$
54.6







205.6


























Diluted Shares Outstanding



100.4






















100.4

Diluted Earnings per Common Share


$
1.47



$
0.07



$
(0.05
)


$
0.02



$
(0.00
)


$
0.54






$
2.05


























Effective Tax Rate



49.8
%





















31.6
%

⁽¹⁾

^{Tables may not foot due to rounding.}

⁽²⁾

⁽³⁾

⁽⁴⁾

^{Additional information about the missile tube reserve impact
to Revenue, Operating Income and Operating Margin for 2Q, 3Q and
2018 can be found in our most recent Investor Briefing on the BWXT
website at}^{www.bwxt.com/investors}^.


BWX TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS

ASSETS




December 31,



2018


2017



(In thousands)
Current Assets:






Cash and cash equivalents


$
29,871


$
203,404
Restricted cash and cash equivalents



3,834



7,105
Investments



3,597



2,934
Accounts receivable — trade, net



129,459



189,217
Accounts receivable — other



13,374



19,365
Contracts in progress



318,454



420,628
Other current assets



43,859



30,437
Total Current Assets



542,448



873,090
Property, Plant and Equipment



1,132,392



1,013,141
Less accumulated depreciation



693,153



664,512
Net Property, Plant and Equipment



439,239



348,629
Investments



7,382



9,301
Goodwill



274,082



218,331
Deferred Income Taxes



63,908



86,740
Investments in Unconsolidated Affiliates



63,746



43,266
Intangible Assets



228,676



110,405
Other Assets



35,615



22,577
TOTAL


$
1,655,096


$
1,712,339


BWX TECHNOLOGIES, INC. CONSOLIDATED BALANCE SHEETS

LIABILITIES AND STOCKHOLDERS’ EQUITY




December 31,



2018


2017



(In thousands, except share and per share amounts)
Current Liabilities:






Current maturities of long-term debt


$
14,227



$
27,870

Accounts payable



114,751




93,421

Accrued employee benefits



77,386




82,477

Accrued liabilities — other



62,163




64,738

Advance billings on contracts



98,477




246,192

Accrued warranty expense



10,344




13,428

Total Current Liabilities



377,348




528,126

Long-Term Debt



753,617




481,059

Accumulated Postretirement Benefit Obligation



19,236




21,368

Environmental Liabilities



86,372




79,786

Pension Liability



173,469




296,444

Other Liabilities



9,353




19,799

Commitments and Contingencies






Stockholders’ Equity:






Common stock, par value $0.01 per share, authorized 325,000,000 shares; issued 125,871,866 and 125,381,591 shares at December 31, 2018 and December 31, 2017, respectively



1,259




1,254

Preferred stock, par value $0.01 per share, authorized 75,000,000 shares; no shares issued



–




–

Capital in excess of par value



115,725




98,843

Retained earnings



1,166,762




990,652

Treasury stock at cost, 30,625,074 and 25,964,088 shares at December 31, 2018 and December 31, 2017, respectively



(1,037,795
)



(814,809
)
Accumulated other comprehensive income



(10,289
)



9,454

Stockholders’ Equity — BWX Technologies, Inc.



235,662




285,394

Noncontrolling interest



39




363

Total Stockholders’ Equity



235,701




285,757

TOTAL


$
1,655,096



$
1,712,339


BWX TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS




Three Months Ended December 31,


Twelve Months Ended December 31,



2018


2017


2018


2017



(Unaudited) (In thousands, except share and per share amounts)
Revenues


$
477,998



$
430,138



$
1,799,889



$
1,687,738

Costs and Expenses:












Cost of operations



323,989




308,144




1,295,876




1,191,983

Research and development costs



3,550




1,922




15,223




7,190

Losses (gains) on asset disposals and impairments, net



66




(161
)



64




(194
)
Selling, general and administrative expenses



54,893




59,267




214,092




210,148

Total Costs and Expenses



382,498




369,172




1,525,255




1,409,127

Equity in Income of Investees



7,645




2,780




30,343




13,612

Operating Income



103,145




63,746




304,977




292,223

Other Income (Expense):












Interest income



139




655




2,479




1,405

Interest expense



(8,469
)



(3,619
)



(27,823
)



(14,879
)
Other — net



(63,472
)



(4,456
)



512




17,031

Total Other Income (Expense)



(71,802
)



(7,420
)



(24,832
)



3,557

Income before Provision for Income Taxes



31,343




56,326




280,145




295,780

Provision for Income Taxes



9,262




71,860




52,840




147,415

Net Income (Loss)


$
22,081



$
(15,534
)


$
227,305



$
148,365

Net Income Attributable to Noncontrolling Interest



(146
)



(157
)



(347
)



(521
)
Net Income Attributable to BWX Technologies, Inc.


$
21,935



$
(15,691
)


$
226,958



$
147,844

Earnings per Common Share:












Basic:












Net Income Attributable to BWX Technologies, Inc.


$
0.22



$
(0.16
)


$
2.29



$
1.49

Diluted:












Net Income Attributable to BWX Technologies, Inc.


$
0.22



$
(0.16
)


$
2.27



$
1.47

Shares used in the computation of earnings per share:












Basic



97,619,549




99,398,096




99,062,087




99,334,472

Diluted



98,571,419




99,398,096




100,019,053




100,369,190


BWX TECHNOLOGIES, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS




Year Ended December 31,



2018


2017



(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:






Net Income


$
227,305



$
148,365

Adjustments to reconcile net income to net cash provided by operating activities:






Depreciation and amortization



60,097




56,557

Income of investees, net of dividends



(8,106
)



2,520

Gain on forward contracts



(4,743
)



–

Recognition of debt issuance costs from Former Credit Facility



2,441




–

Provision for (benefit from) deferred taxes



17,446




93,461

Recognition of losses for pension and postretirement plans



34,554




12,823

Stock-based compensation expense



11,883




15,222

Changes in assets and liabilities, net of effects from acquisitions:






Accounts receivable



62,193




(42,803
)
Accounts payable



1,888




(7,476
)
Contracts in progress and advance billings on contracts



(34,012
)



35,272

Income taxes



(23,257
)



15,124

Accrued and other current liabilities



11,596




(26,610
)
Pension liability, accrued postretirement benefit obligation and employee benefits



(187,425
)



(79,311
)
Other, net



(2,570
)



(1,184
)
NET CASH PROVIDED BY OPERATING ACTIVITIES



169,290




221,960

CASH FLOWS FROM INVESTING ACTIVITIES:






Purchases of property, plant and equipment



(109,338
)



(96,880
)
Acquisition of businesses



(212,993
)



(715
)
Purchases of securities



(4,520
)



(3,237
)
Sales and maturities of securities



3,933




12,852

Investments, net of return of capital, in equity method investees



(9,059
)



(2,789
)
Other, net



5,253




1,088

NET CASH USED IN INVESTING ACTIVITIES



(326,724
)



(89,681
)
CASH FLOWS FROM FINANCING ACTIVITIES:






Borrowings of long-term debt



1,158,800




109,400

Repayments of long-term debt



(876,206
)



(137,053
)
Payment of debt issuance costs



(9,443
)



–

Repurchase of common shares



(214,759
)



–

Dividends paid to common shareholders



(63,821
)



(42,043
)
Exercise of stock options



3,573




17,117

Cash paid for shares withheld to satisfy employee taxes



(6,796
)



(8,049
)
Other



(671
)



(550
)
NET CASH USED IN FINANCING ACTIVITIES



(9,323
)



(61,178
)
EFFECTS OF EXCHANGE RATE CHANGES ON CASH



(9,979
)



7,443

TOTAL (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS



(176,736
)



78,544

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD



213,144




134,600

CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS AT END OF PERIOD


$
36,408



$
213,144

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:






Cash paid during the period for:






Interest


$
16,993



$
14,252

Income taxes (net of refunds)


$
58,715



$
38,425

SCHEDULE OF NON-CASH INVESTING ACTIVITY:






Accrued capital expenditures included in accounts payable


$
29,470



$
8,454


BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION




Three Months Ended December 31,


Twelve Months Ended December 31,



2018


2017


2018


2017



(Unaudited) (In thousands)
REVENUES:












Nuclear Operations Group


$
351,074



$
309,369



$
1,319,170



$
1,271,861

Nuclear Services Group



31,443




37,103




122,438




137,249

Nuclear Power Group



98,236




84,967




365,911




285,831

Adjustments and Eliminations



(2,755
)



(1,301
)



(7,630
)



(7,203
)
TOTAL


$
477,998



$
430,138



$
1,799,889



$
1,687,738














SEGMENT INCOME:












Nuclear Operations Group


$
91,122



$
64,427



$
271,405



$
267,930

Nuclear Services Group



9,192




5,506




20,374




22,083

Nuclear Power Group



13,633




9,454




52,270




36,548

Other



(4,532
)



(5,751
)



(18,074
)



(10,688
)
SUBTOTAL



109,415




73,636




325,975




315,873

Unallocated Corporate



(6,270
)



(9,890
)



(20,998
)



(23,650
)
TOTAL


$
103,145



$
63,746



$
304,977



$
292,223














DEPRECIATION AND AMORTIZATION:












Nuclear Operations Group


$
8,128



$
8,028



$
32,132



$
31,289

Nuclear Services Group



801




914




3,401




3,702

Nuclear Power Group



5,460




3,508




17,154




13,751

Other



–




–




–




–

Corporate



2,016




1,972




7,410




7,815

TOTAL


$
16,405



$
14,422



$
60,097



$
56,557














CAPITAL EXPENDITURES:












Nuclear Operations Group


$
42,889



$
43,233



$
93,360



$
86,323

Nuclear Services Group



668




1,025




974




1,514

Nuclear Power Group



2,393




621




4,710




3,856

Other



1,440




628




2,780




628

Corporate



1,460




2,012




7,514




4,559

TOTAL


$
48,850



$
47,519



$
109,338



$
96,880


BWX TECHNOLOGIES, INC. BUSINESS SEGMENT INFORMATION




Three Months Ended December 31,


Twelve Months Ended December 31,



2018


2017


2018


2017



(Unaudited) (In thousands)
BACKLOG:












Nuclear Operations Group


$
2,636,824


$
3,304,416


$
2,636,824


$
3,304,416
Nuclear Services Group



38,142



29,285



38,142



29,285
Nuclear Power Group



803,634



637,053



803,634



637,053
TOTAL


$
3,478,600


$
3,970,754


$
3,478,600


$
3,970,754













BOOKINGS:












Nuclear Operations Group


$
47,387


$
642,969


$
694,085


$
1,089,740
Nuclear Services Group



41,870



28,345



127,979



136,640
Nuclear Power Group



32,947



194,262



535,032



449,332
TOTAL


$
122,204


$
865,576


$
1,357,096


$
1,675,712

View source version on businesswire.com: https://www.businesswire.com/news/home/20190225006041/en/

Investor Contact:
Alan Nethery
Vice President and Chief Investor Relations Officer
980-365-4300
Investors@bwxt.com

Mark Kratz
Manager, Investor Relations
434-522-3883
makratz@bwxt.com

Media Contact:
Jud Simmons
Director, Media and Public Relations
434-522-6462
hjsimmons@bwxt.com

Company Name:	BWX Technologies Inc.
Stock Symbol:	BWXT
Market:	NYSE
Website:	bwxt.com